The biggest argument in favor of Constellation Energy stock just became a liability.
Shares of Constellation Energy (CEG) tumbled Monday morning despite an earnings beat as a recent regulatory decision dragged nuclear energy stocks.
Shares of Constellation Energy Corp. were in danger of a record selloff on Monday and were headed for their lowest prices since before the nuclear-power company signed a 20-year power-purchasing agreement with Microsoft Corp. in September.
Constellation Energy Corporation (CEG) came out with quarterly earnings of $2.74 per share, beating the Zacks Consensus Estimate of $2.72 per share. This compares to earnings of $2.26 per share a year ago.
U.S. stock futures were slightly higher this morning, with the Dow futures gaining around 0.1% on Monday.
Electric utility Constellation Energy raised its full-year profit forecast and beat Wall Street estimates for third-quarter earnings on Monday, helped by higher power demand.
CEG's third-quarter earnings are likely to have gained from its efficiently performing nuclear fleet and strong demand from industrial customers.
The latest trading day saw Constellation Energy Corporation (CEG) settling at $261.92, representing a -1.16% change from its previous close.
Subscribers to Chart of the Week received this commentary on Sunday, October 27.
Constellation Energy Corporation (CEG) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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